TUSTIN, Calif.--()--M Line Holdings, Inc. (OTC Bulletin Board: MLHC):
“I am always delighted to announce profits particularly when a pattern of profitability and growth is visible. I want to thank and congratulate the management team and staff of the companies who have worked so hard to achieve these results.”
M Line Holdings, Inc. (OTC Bulletin Board: MLHC) (“M Line Holdings” or “the Company”), announces its results for the second quarter and six months ended December 31, 2011. The results for the half year reflect a net profit of $274,146. This compares with a net loss of ($55,922) for the six months ended December 31, 2010, an improvement of $330,068.
EBITDA for the first six months of the 2012 fiscal year is $516,877 compared to $185,527 for the first six months of 2011 fiscal year, a significant improvement reflecting the profitability of the group.
George Colin, CEO of M Line Holdings, Inc. stated, “I am always delighted to announce profits particularly when a pattern of profitability and growth is visible. I want to thank and congratulate the management team and staff of the companies who have worked so hard to achieve these results.”
M Line Holdings, Inc. owns 100% of two operating subsidiaries, Eran Engineering, Inc., and EM Tool Company, Inc. dba Elite Machine Tool.
Eran Engineering, Inc., (“Eran”) is a customer focused, aircraft component manufacturer offering low cost, build-to-print and assembly services for production and spare parts, with design, development and ongoing engineering support services for customers. Over the last few years, Eran specialized in the manufacture of aircraft interiors parts and medical equipment however with new management, new customers including Goodrich Aerostructures and a new enterprise software system, Eran is positioned for solid growth. Eran now manufactures aircraft structure parts and future plans include an expansion of our manufacturing capabilities. Eran is certified to AS 9100 Rev C.
EM Tool Company, Inc. dba Elite Machine Tool (“Elite”) specializes in the sale of pre-owned machine tools from Mori Seiki, Matsuura, Kitamura and other manufacturers. Elite buys and refurbishes pre-owned equipment for resale. In addition Elite services and rebuilds machine tools. The continuing shortage of new CNC equipment and the growth of the commercial airline business has resulted in an improvement in the revenues and profitability of Elite. Elite’s future plans include an expansion with new facilities in the Midwest and East coast.
Forward Looking Statements
This news release contains certain “forward-looking statements.” Forward-looking statements are based on current expectations and assumptions and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, and many of which are beyond the Company's control. The forward-looking statements are also identified through the use of words “believe,” enable,” “may,” “will,” “could,” “intends,” “estimate,” “anticipate,” “plan,” “predict,” “probable,” “potential,” “possible,” “should,” “continue,” and other words of similar meaning. Actual results could differ materially from these forward-looking statements as a result of a number of risk factors detailed in the Company's periodic reports filed with the SEC. Given these risks and uncertainties, investors are cautioned not to place undue reliance on such forward-looking statements and no assurances can be given that such statements will be achieved.
M LINE HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED DECEMBER 31, 2011 AND 2010
6 month period(s) ended December 31,
|Cost of sales||3,605728||2,747,635|
|Selling, general and administrative||1,311,086||1,539,788|
|Amortization of intangible assets||31,952||36,376|
|Total operating expense||1,343,038||1,576,164|
|Operating Profit (Loss)||256,718||(138,405||)|
|Other income (expense):|
|Change in derivative liability||-||35,919|
|Gain on debt settlement||85,184||-|
|Gain (Loss) on sale of assets||(2,507||)||-|
|Total other income (expenses)||17,428||82,483|
|Income (loss) before income tax||274,146||(55,922||)|
|Income tax provision||(2,400||)||(800||)|
|Net income (loss)||$||271,746||$||(56,722||)|
|Net income (loss) per share:|
|Basic and dilutive income (loss) per share:||$||0.01||$||(0.00||)|
|Weighted average number of common shares under in per share calculations (basic and diluted)||48,934,432||30,877,608|